Shown below is a trial balance for Novelty Toys, Inc. on December 31, after adjusting entries:

Novelty Toys, Inc.

Trial Balance

December 31

Cash $7750

Accounts Receivable 6,375

Office Equipment 11,250

Accumulated Depreciation $3,000

Accounts Payable 3,875

Capital Stock 11,250

Retained Earnings 0

Dividends 3,750

Fees Earned 22,750

Salaries Expense 8,000

Advertising Expense 1,625

Depreciation Expense 2,125

$40,875 $40,875

After closing the accounts, Retained Earnings at December 31 equals:

		$7,250
		$22,250
		Zero
		$11,000